Gold coins Harrington and Byrne. help!

richtips86

ceewash said:

How do these apparently reputable companies get away with the inflated prices? You wouldn't think it was good for their credibility, or am I just being naive. I don't really know anything about this world.

Just look at the Royal Mint! Put it in a shiny box, a “certificate of authenticity”, say it’s hyper rare

ColdIron

ceewash said:

How do these apparently reputable companies get away with the inflated prices? You wouldn't think it was good for their credibility, or am I just being naive. I don't really know anything about this world.

In the bullion world the price that gold commands is tightly coupled with the going international rate of the day. With proof coins and 'commemorative' issues you have moved into the numismatic world where the price is whatever someone will pay. Always has been. Still it's a nice coin, some people are wiling to pay more than the intrinsic value for goods. Try selling a diamond wedding ring back to a jeweller for the same price that you paid

Hasbeen

ceewash said:

How do these apparently reputable companies get away with the inflated prices? You wouldn't think it was good for their credibility, or am I just being naive. I don't really know anything about this world.

Go into any jewellers and buy anything gold Say a gold necklace at £500. What actual or even scrap value would it be?

Gadfium

ceewash said:

How do these apparently reputable companies get away with the inflated prices? You wouldn't think it was good for their credibility, or am I just being naive. I don't really know anything about this world.

You are being naive.

The purpose of a business is generally to make profit. If you can make something and then find a market that happily pays your asking price then you have the makings of a decent business. If your asking price is way over what it costs to make, market and sell the item then you have the makings of a great business. There's absolutely no onus on a firm to stick to a certain markup.

Caveat Emptor.

LHW99

Gadfium said:

ceewash said:

How do these apparently reputable companies get away with the inflated prices? You wouldn't think it was good for their credibility, or am I just being naive. I don't really know anything about this world.

You are being naive.

The purpose of a business is generally to make profit. If you can make something and then find a market that happily pays your asking price then you have the makings of a decent business. If your asking price is way over what it costs to make, market and sell the item then you have the makings of a great business. There's absolutely no onus on a firm to stick to a certain markup.

Caveat Emptor.

And in one view, if he's not been scammed as such, and it's made him happy fair enough (as long as not taken to extremes)

ceewash

Thank for all for these comments. To be fair to H&B I have rung them twice now and they have answered all my questions. It is a Gold Proof 2020 sovereign and apparently next year's 2021 are being sold at £799. I don't think any scamming is involved it is just a lesson to be learnt about investing in things you know nothing about. They said there was no cold calling involved and they would remove his name from their call list. Maybe we will all be proved wrong at some time in the future 

Simplyjayjay8

One of my relatives was contacted by phone from Harrington & Byrne, offer of a coin 799 pounds, great deal. Purchased the Tudor Groat to later find out that you can buy this for 275 pounds from reputable dealers. Harrinton & Byrne target the elderly with sales calls, disgusting....